NEW YORK -- When it comes to the prudent use of one's time, you'd think Americans spooked by a soft economy, weak job market and 24/7 coverage of the looming "fiscal cliff" would spend more time mapping out a financial plan for retirement.

Well, you'd be wrong. Last year investors spent more of their time planning a vacation. No. 2 on their list? Working out at the gym. Time spent on retirement planning finished a distant third. Those findings come courtesy of investment manager BlackRock's latest "Investor Watch" survey, which polled nearly 700 investors with more than $250,000 in investable assets in late September and early October.

Taking the time to plan for one's golden years is a "relatively low priority," the survey concluded.

It's no wonder, then, that 42% of non-retired investors polled said they have "lowered their expectations" for retirement. Nor is it a surprise that just 51% know how much they need to save to avoid outliving their money after they stop working.

"It's common for investors to underestimate how much money they will need to cover themselves for life when retired," says Frank Porcelli, head of BlackRock's U.S. retail business.

His advice? Don't be overly risk-averse or play it too safe. "Investors need to protect and grow their money with investments that span asset classes and geographies," he says. That means don't underweight stocks or foreign investments. "Increased longevity gives investors the ability to ride out market cycles."